Boston-based stablecoin issuer Circle has selected BNY Mellon, which oversees about $47 trillion in assets, as a primary custodian for reserves of its USD Coin.
America’s oldest bank has set up a new unit dedicated to providing its clients with ‘an integrated service’ for digital assets. Upon launch, BNY customers were able to store Bitcoin and Ether in its crypto wallets which are powered by Fireblocks technology. The new offering targets native crypto firms, like Coinbase and other US exchanges, who are looking for BNY Mellon’s core investment services.
Citing growing client demand, maturity of blockchain and better regulatory clarity, the custodian bank states that even conservative clients are seeking exposure to digital assets.
Circle has been expanding the reach of the offering that is primarily focused on retail trading and investing to appeal for B2B partnerships. Currently, the crypto unicorn puts greater emphasis on its USD Coin (USDC), a stablecoin pegged to the US dollar. Furthermore, Circle also opens the doors of its stablecoin to businesses with a dedicated account that provides a toolbox of APIs to allow developers to build on top of USDC.
Acting as a sort of safe haven where crypto traders can park their assets in volatile markets, USDC is an Ethereum-based ERC-20 coin, which makes it easy for wallets, exchanges and other smart contracts to interact with the token.
With nearly $50 billion worth of tokens in circulation, USDC continues its remarkable…
